The real reforms needed to secure the euro’s future

Commentary feature which concludes 'Over the past five years, the unusually favourable global environment has papered over the cracks in the euro's foundations. History cautions that it would be a grave mistake for European policymakers to assume that those supportive conditions will persist indefinitely. Instead of crowing about the euro's success, they would be better advised to embrace real labour and product market reform that might provide a firmer foundation for the single currency'.